PackageTrendsPeer
Letter portraitLegal landscapeQuarterYTD

Wachovia Card Services, National Association

Atlanta, GA · Cert 58496

FDIC

Q1 2010

$3.0BAssets
$3.0BLoans
$1.1MDeposits
$1.1BEquity
Deposit mix
49%Interest-bearing $548K51%Noninterest $567KQ1 2009Q1 2010

NIM

10.61%Q1 ’0810.53%Q1 ’0910.65%Q1 ’10+11%+2%

Non-interest income vs. expense

2.83%Q1 ’082.58%Q1 ’091.89%Q1 ’10-1511%+88%

Executive Summary

  • Earnings: ROA of 0.77%, up 682 bps year over year; NIM at 10.60%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 9.29%.
  • Funding: loans stand at 272253.54% of deposits as of Q1 2010.

Financial Results

Return on Assets (quarter, annualized)

0.77%+682 bps YoY

Net Interest Margin (quarter, annualized)

10.60%+17 bps YoY

Efficiency Ratio (quarter, annualized)

10.19%+33 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2009Q2 2009Q3 2009Q4 2009Q1 2010YoY ΔTrend
Earnings
Return on Assets-6.05%2.46%-0.22%2.36%0.77%+682 bps
Return on Equity-14.64%6.11%-0.56%6.50%2.10%+1,674 bps
Net Interest Margin10.43%11.22%11.25%10.96%10.60%+17 bps
Efficiency Ratio9.87%8.92%8.56%8.94%10.19%+33 bps
Non-Interest Burden-7.22%-9.53%-7.90%-7.85%-0.85%+638 bps
Growth
Asset Growth (YoY)18.91%12.91%9.62%12.60%12.78%-614 bps
Loan Growth (YoY)16.91%12.51%13.15%27.80%20.84%+393 bps
Deposit Growth (YoY)-86.96%-89.42%4.16%14.58%1167%+125,401 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans7.80%8.72%8.52%8.05%9.29%+149 bps
Allowance / Loans5.49%7.15%9.24%10.12%10.88%+539 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/an/an/an/an/an/a
Total Risk-Based Capital42.23%40.44%38.08%36.70%38.93%-330 bps
Equity / Assets41.19%39.44%37.07%35.69%37.87%-333 bps
Liquidity & Funding
Loans / Deposits2854747%4383366%454667%472216%272254%-258,249,305 bps
Liquid Assets / Assets0.18%0.07%0.10%0.12%0.17%-1 bps
CRE / Total Capitaln/an/an/an/an/an/an/a